Figured I would post some impressions on the guitar, although I haven't played it in game yet. I've played guitar on and off for 15 years. I'm not an expert, but I know my way around a guitar.
Okay, so I bought the Squier primarily as a MIDI controller and to that end, it works pretty well. The plastic fretboard does feel really low quality compared to the fretboards on the rest of my guitars, it feels like it's scraping when you do a bend or vibrato. That said, the controller doesn't pick those up, so I'll just have to get used to not doing them! It sounds pretty much like you'd expect a cheap one pickup guitar to sound, bright and shrill, but it gets the job done.
When I got mine, the MIDI pickup would only register the low E. I had to open the battery compartment, and then under that, there's another set of 2 screws which can be taken out to reveal some variable resistors. Turn them counter-clockwise to make the MIDI sensor more sensitive, clockwise to make it less sensitive. After about 30 minutes of tweaking, I was getting reliable results on my MIDI recording station from the guitar. There are two modes, a synth mode which does a Note-ON on each fret change and a normal mode which does a Note-On on each strum.
Overall, I'm pretty happy with the guitar for what I paid, it's not a great guitar or a great MIDI guitar, but I feel like it was worth it and it's a cool toy.